TheWizard
Thinks s/he gets paid by the post
I filed for SS two and a half years ago at age 70, for the usual reasons...
"delaying drawing those down may result in higher taxes and possibly higher Medicare premiums"
Bingo.
Plus, if you take it early, there is no law that says you have to spend it.
So for me? Prob 62.
I plan to take at 62. Found this article interesting.
Making Optimal Social Security Claiming Decisions - A Four Stage Analysis by Daniel Amerman
+1It’s the same no matter what. You get less for longer if you take it early or you get more, but for a shorter time if you wait.
That is true BUT then, if you have a spouse, you are betting that you will not die earlier than expected AND you are relying on the "sequence of returns" in your favor. Many have this belief of filing at 62 and banking it. But there are fallacies with this approach -
Wow. Thanks for sharing this.I plan to take at 62. Found this article interesting.
Making Optimal Social Security Claiming Decisions - A Four Stage Analysis by Daniel Amerman
I treat SS as a long term financial "insurance". So as long as I can maintain my lifestyle without it (just turned 59), I'll just ignore it. And once my savings deplete to the point I'll feel the need of having additional income - I'll turn the faucet with SS money. In the meantime I will also try to do ROTH conversions so I'm not pushed into RMDs.
I think that at some - not so distant - point in the future my needs will dwindle to basics so that strategy seems like it makes most sense to me. Right now I travel a lot and that's the majority of my spending. That won't last forever.